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EN
Merger and acquisition mechanisms have a circular role on the operation of affected companies. The aim of this article is to present the circumstances leading to a business combination through a hostile acquisition. First part of the article illustrates the theoretical aspects of mergers. It indicates factor leading to an acquisition as well as the defenses against hostile bids. The next section of the paper aims to analyze the attempt a hostile acquisition of listed company Sfinks Polska S.A. which took place late 2008 and early 2009. The synthesis of theory and the case study of said company allows a deeper understanding of the processes taking place in the capital markets.
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